Best way to legally join co-founder who is already owner

You can Follow Partnership agreement between an Individual and a Limited Company

Thanks for the reply sir. I was researching on partnerships and one thing I noted was that as per law, partnerships need to be dissolved in case of an eventuality. Do partnerships allow for the shares owned by one of the partners to be transferred to their next of kin in case of any eventuality? 

 

If not, what happens to the shares owned by the partners in such cases? 

 If a partner dies and the partnership is at will, the firm shall be dissolved and shares of each partner shall be divided and given. Legal heir of the deceased partner shall take his share by a guardian if a minor. If the firm is not at will, the share of the deceased partner shall be given to the legal heir who will have the option to accept or deny it. If denied then his share will be given and the firm shall not be liable any further to him. if he is minor, then his interest shall be provided, if he by is guardian chooses so, to him till the age of majority and he shall have an option to get included in the firm as a partner. Succession/inheritance shall be per governing laws of the state.

Sir, you can incorporate a LIMITED LIABILITY PARTNERSHIP for this purpose,both you and your friend can be a director for that product/project.It is separate legal person. It is low cost formation.No need to follow detailed legal procedure.